TCTC Holdings LLC Reduces Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

TCTC Holdings LLC reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 21.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,354 shares of the software company’s stock after selling 3,177 shares during the period. TCTC Holdings LLC’s holdings in Adobe were worth $5,049,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Swedbank AB increased its stake in Adobe by 0.3% in the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after acquiring an additional 3,739 shares during the last quarter. United Bank boosted its holdings in Adobe by 19.7% during the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after acquiring an additional 428 shares during the period. OneDigital Investment Advisors LLC boosted its holdings in Adobe by 1.8% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,002 shares of the software company’s stock valued at $3,108,000 after acquiring an additional 104 shares during the period. Empowered Funds LLC boosted its holdings in Adobe by 28.9% during the 3rd quarter. Empowered Funds LLC now owns 12,538 shares of the software company’s stock valued at $6,492,000 after acquiring an additional 2,811 shares during the period. Finally, Schear Investment Advisers LLC boosted its holdings in Adobe by 13.2% during the 3rd quarter. Schear Investment Advisers LLC now owns 4,255 shares of the software company’s stock valued at $2,203,000 after acquiring an additional 495 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ADBE. Oppenheimer lowered their target price on Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a report on Thursday. UBS Group lowered their target price on Adobe from $475.00 to $460.00 and set a “neutral” rating for the company in a report on Thursday. Stifel Nicolaus lowered their target price on Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a report on Thursday. Citigroup decreased their price objective on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research note on Monday, March 10th. Finally, Sanford C. Bernstein decreased their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $540.60.

Adobe Stock Up 4.5 %

Adobe stock opened at $394.74 on Monday. The firm has a market cap of $171.87 billion, a price-to-earnings ratio of 31.83, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The business’s 50-day moving average price is $437.03 and its 200 day moving average price is $481.50. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter last year, the business posted $4.48 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In other news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by insiders.

Adobe Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.